Through the partnership with Stonepeak, Ørsted will recycle capital to support its business plan and future value-creating renewable energy projects.
Ørsted has signed a transaction with Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets, whereby Ørsted will divest to Stonepeak an equity ownership stake in a portfolio consisting of four US onshore wind farms with a total capacity of 957 MW. In continuation of Ørsted’s farm-down programme, this transaction represents the company's first partnership with Stonepeak and the second major farm-down of multiple assets in the US.
The value of the transaction is approximately
As part of the transaction, Ørsted retains a unilateral call option for Stonepeak’s interests that can be exercised under certain circumstances after the closing of the transaction. While structured differently, the transaction broadly corresponds to Ørsted’s historical farm-down approach, in which ownership shares of existing operating assets are divested in order to recycle and redeploy capital for future value-creating projects. The unique partnership structure allows Ørsted to maximise capital redeployment while also retaining operational decision-making and long-term optionality around the portfolio.
Facts about the portfolio
- The portfolio consists of four wind farms across three states: The Ford
Ridge Wind project inIllinois , the Helena Wind and Western Trail Wind projects inTexas , and the Sunflower Wind project inKansas . -
The deal represents a total capacity of 957 MW across three different markets: the
Electric Reliability Council of Texas (ERCOT),Midcontinent Independent System Operator (MISO), andSouthwest Power Pool (SPP). - The projects are all currently operational and have power purchase agreements in place for all or parts of the production capacity.
- Ørsted will be the managing member of the partnership and will continue to provide asset management services to the projects.
Ørsted currently has a portfolio of nearly 6 GW of onshore wind, solar, and battery storage projects in operation and under construction across the US.
For further information, please contact:
Ørsted Global Media Relations
+45 99 55 60 17
tomlc@orsted.com
Ørsted Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
IR@orsted.com
Stonepeak
+1 (646) 540-5225.
corporatecomms@stonepeak.com
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in
About Stonepeak
Stonepeak is a leading alternative investment firm specialising in infrastructure and real assets with approximately
Attachments
- Farm-down.pdf
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